Argenx downgraded to Sell at Deutsche Bank on unfavorable risk/reward

Deutsche Bank downgraded Argenx (ARGX) to Sell from Hold with a price target of EUR 575, up from EUR 525. After updating its estimates for preliminary results reported earlier this week and lifting its price target about 10% to reflect strong commercial momentum, the firm notes that its price target is still “well below” the current price, leading to its Sell rating. The valuation “now appears to imply a scenario sufficiently far North on the risk/reward spectrum,” the analyst tells investors.